Section 127 Education Assistance Plan & Student Loan Relief Plan

Step 1: Complete the form below to order the plan. Step 2: Schedule an appointment. A benefit plan specialist will review your EAP plan for completeness.
Schedule an Appointment Once the review is complete, we’ll prepare your Plan Document.

The church decides the employee groups eligible to participate. They may provide the EAP for one group of employees and not another, such as full-time vs. part-time or meeting a certain length of employment with the organization. Within the following rules, an organization may choose to reimburse any or all eligible expenses: An EAP can reimburse employees for tuition, books, supplies, fees, and similar expenses. EAPs may not reimburse for travel, lodging, meals, or any item that may be retained by the employee after the course is finished. However, the course may not cover sports, hobbies, or games. Many churches want to assist employees in the challenges that come with the COVID-19 pandemic. Now, the CARES Act provides a temporary opportunity to help repay employee student loans. Generally, a Section 127 Education Assistance Plan only allows an employer to pay or reimburse tuition and other qualified educational expenses incurred while the employee is with that employer. Section 2206 of the CARES Act modifies Section 127 of the Internal Revenue Code so that employers can pay up to $5,250 to repay employee student loans during the pandemic emergency period beginning March 27, 2020, and ending December 31, 2025. The amount paid is tax-free to employees.

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The CARES Act employer-based student loan relief is provided through the employer’s Section 127 Educational Assistance Program (EAP), which is established with “a separate written plan of an employer for the exclusive benefit of his employees to provide such employees with educational assistance.”

This plan document requirement is easily met with the 127 plan document package. For a low, one-time fee of just $295, this package includes the formal written plan document, summary plan description, customized election, and claim forms, and more.

Even if the company already has a Section 127 EAP in place, the plan document must be updated to reflect the CARES Act student loan repayment opportunity.

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